Last Updated :
16 July 2008 at 11:30 IST
How much money, Gold does the world hold?
Name of Country
|
M0 (Y/Y%)
|
M1 (Y/Y%)
|
M2 (Y/Y%)
|
M3 (Y/Y%)
|
Date Taken
|
|
5.2%
|
3.3%
|
16.9%
|
20.4%
|
Apr-08
|
|
21.1%
|
16.8%
|
26.2%
|
17.4%
|
May-08
|
|
3.4%
|
7.9%
|
8.8%
|
13.2%
|
May-08
|
|
12.9%
|
17.9%
|
18.1%
|
N/A
|
May-08
|
|
N/A
|
10.5%
|
18.5%
|
22.3%
|
Feb-08
|
|
7.5%
|
2.3%
|
10.1%
|
10.5%
|
May-08
|
|
19.3%
|
19.8%
|
21.8%
|
22.5%
|
Jun-08
|
|
21.5%
|
28.1%
|
14.9%
|
N/A
|
May-07
|
|
1.86%
|
-1.22%
|
0.71%
|
0.92%
|
Apr-08
|
|
10.8%
|
28.2%
|
23.0%
|
23.0%
|
May-08
|
|
9.2%
|
10.2%
|
12.0%
|
14.1%
|
Apr-08
|
|
10.7%
|
7.6%
|
14.0%
|
N/A
|
Apr-08
|
|
5.2%
|
17.3%
|
16.7%
|
15.1%
|
May-08
|
|
25.9%
|
N/A
|
33.4%
|
N/A
|
Apr-08
|
|
13.0%
|
27.0%
|
21.4%
|
21.6%
|
May-08
|
|
9.7%
|
29.0%
|
11.9%
|
12.4%
|
Apr-08
|
|
14.1%
|
12.4%
|
19.5%
|
20.9%
|
May-08
|
|
N/A
|
-0.6%
|
16.3%
|
14.6%
|
Apr-08
|
|
0.5%
|
10.7%
|
N/A
|
16.4%
|
Dec-07
|
|
2.1%
|
-2.0%
|
-4.5%
|
2.6%
|
May-08
|
|
20.0%
|
20.1%
|
21.5%
|
21.1%
|
Jun-08
|
|
18.8%
|
51.4%
|
41.7%
|
37.4%
|
Dec-07
|
|
5.7%
|
16.0%
|
12.6%
|
13.8%
|
May-08
|
|
1.6%
|
1.5%
|
6.0%
|
18.8%
|
Jun-08
|
|
1.6%
|
1.5%
|
6.0%
|
18.8%
|
May-08
|
The overall weighted annual M3 money supply growth for all areas covered here is 12.4%. (Where M3 figures are not available, M2 figures are substituted.)
Last year, the total M3 money supply for these 25 economic areas was $53.7 trillion. Now it is $60.3 trillion.
The total for M0 (currency in circulation) for the above 25 economic areas amounts to US$3.92 trillion. Using the same calculation as for determining overall M3 money supply growth we find that overall M0 and/or total amount of currency is increasing by 6.6% per annum.
The value for the top three currencies in circulation – the USD, Euro and Yen – comprise 66.2% of the total value of all currencies discussed here.
Gold Reserves Compared to Money Supply According to the World
Gold Council, at the end of 2006 the central banks of the 38 countries within these 25 economic areas held 24,170 tonnes of gold.
This represents 91.3% of the gold held by all countries of the world. At current Gold Prices, the value of the gold held by these 38 countries is $749.2 billion. But the total value of the currency, the actual notes and coins, issued by these countries – $3.82 trillion – nearly five times that figure.
This suggests that, while official gold reserves as a proportion of broad money supply (M3) is barely 1.2%, the value of official central bank gold reserves equals 19.6% of the value of outstanding currency (M0) at present.
The following chart shows a ratio between the value of the official central bank gold reserves to the value of circulating currency.
Note that Norway and United Arab Emirates have no official gold reserves. The 563.1 metric tonnes from the European Central Bank was added to the Euro-Zone, bringing the total for this economic area up to 10,975.3 metric tonnes as of June 2008.
At the time of writing this article, the official gold reserves of Venezuela appears to out-value all of its outstanding currency by 78%. Both Switzerland and Kuwait have gold reserves nearly equal to the value of the currency issued.
Although not included in the analysis, Lebanon has official gold reserves of 286.8 metric tonnes valued at $8.89 billion at time of writing this article. The official statistic for Lebanese currency in circulation is only $2.4 billion. The most recent annual year-over-year growth rate for the Lebanese Pound is 8.3%.
By arrangement with: www.bullionvault.com
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